Research Process and Methodology

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Module 1: Introduction to Research and Problem Definition

Meaning of Research: What is Research?

• Research, in common terms, refers to the search for knowledge.
• It also signifies a scientific and systematic exploration for relevant information on a specific topic.
• Research means a careful study or examination to either discover new facts or to expand the
applications of existing facts in any field of knowledge.

Definition of Business Research

• Business research is a diligent and systematic field of study aimed at investigating, exploring,
describing, or uncovering facts about the business activities of a firm, a market, or an industry. It is
also conducted to develop or test hypotheses, theories, and business models using various statistical
and mathematical methods.

Importance of Research: Why Research is Important?

Research holds significant importance as it strives to uncover hidden truths and unearth knowledge
that has yet to be discovered. Its impact is profound across various domains, particularly in the
following areas:

Effective Business Insights: Through thorough and effective business research, valuable insights
about competitors, target markets, developments in the business environment, and global business
trends are acquired.

Business Process Innovation and Product Development: Research in the business sphere is
instrumental in fostering innovation within business processes and the development of new products.

Support for Decision Making: Different functional areas within businesses rely on research to
facilitate informed decision-making. For instance, financial institutions conduct research to
comprehend fraud tendencies within specific demographic profiles.

Optimization of Business Strategies: Research conducted in various business domains aids in the
optimization of business strategies, contributing to the overall growth and success of an organization.
Research can be done in different places.
Depending on where it happens, it can be split into three types:

Field Studies or Field Experiments: This is when the research takes place outside in the real world,
like in a forest or a city.

Laboratory Studies or Laboratory Experiments: This is when the research happens inside a controlled
environment, like a lab, where scientists can control the conditions.

Library Studies or Documentary Research: This is when researchers gather information from books,
articles, or other documents.

Research can also be divided based on how long it takes:

One Time or Single Time Period Research: This is when the research is done just once, maybe for a
year or just at a specific point in time. This type is often used in sample studies and diagnostic
studies.

Longitudinal Research: This is when researchers keep watching the same things over a long time, like
for many years.

Cross Sectional Research: This is when researchers look at information collected from a group of
people at a particular point in time.

According to the exposure, research can be divided based on how much is being studied:

Macro Study: This is when the whole thing is studied, like the entire country or a big company.
Micro Study: This is when only a small part is studied, like one state or a specific department in a
company.

Research is crucial in various areas of business to understand how to improve different aspects.
Here's how research is applied in key functional areas:

Financial Management: Research in this area revolves around analyzing the performance of financial
institutions, assessing risk in financial instruments, and evaluating satisfaction levels toward financial
services. It also includes financial analysis for investment decisions.

Human Resources Management (HRM): Research in HRM focuses on understanding employee

behavior and productivity. It helps in developing effective HR policies, evaluating job roles, and
boosting employee morale through training and development programs.

Production and Operations: Research in production and operations emphasizes enhancing

manufacturing processes, improving product quality, and finding cost-effective ways to produce
goods. It often involves studying new technologies and materials.
Marketing: Marketing research concentrates on product development, distribution solutions,
consumer behavior, and advertising effectiveness. It aids in understanding market potential,
forecasting sales, and evaluating the success of promotional strategies. Research on service quality is
also vital.

Emerging trends in business research include:

Mobile and Micro-Surveys: These are becoming more popular due to the rise of responsive research
methods, allowing businesses to gather data effectively.

Social Media Analytics: This trend is crucial for understanding online shopping behavior and can
provide valuable insights beyond traditional research methods.

Buzz Topics such as Neuro-Marketing and Big Data Analytics: These innovative research areas are
gaining acceptance and can provide valuable insights into consumer behavior and preferences.

Text Analytics and Content-Based Research: These methods are gaining popularity as they allow
businesses to extract valuable information from textual data, enabling them to understand customer
sentiment and preferences.

Defining the research problem is a crucial step in the research process.

It lays the foundation for your entire research project and helps you focus on what you want to study.
Here are the key steps involved in defining a research problem:

Choose a Research Area: Start by selecting a broad area of interest. This could be a topic or subject
that you are passionate about or something relevant to your field of study.

Review Existing Literature: Before you define your research problem, you should conduct a literature
review. This involves reading relevant books, articles, and research papers to understand what has
already been studied in your chosen area. This helps you identify gaps or areas that need further
exploration.

Identify a Research Gap: Based on your literature review, pinpoint a specific gap in existing
knowledge. This could be an unanswered question, an unexplored aspect of the topic, or a
contradiction in previous research findings. Your research problem should address this gap.

Formulate a Research Question: Once you've identified the research gap, formulate a clear and
concise research question. This question should be specific, focused, and answerable. It serves as the
central point around which your research revolves.

Define Objectives and Hypotheses: In addition to the research question, establish research objectives
or goals. These objectives should outline what you intend to achieve through your research. If your
research is quantitative, you may also develop hypotheses, which are testable statements that predict
the outcomes of your research.
Consider the Significance: Reflect on the significance of your research problem. Why is it important?
Who will benefit from the results? Understanding the importance of your research problem can help
justify your study's relevance.

Consult with Experts: It's a good idea to discuss your research problem with experienced researchers,
mentors, or advisors. They can provide valuable insights, help refine your problem, and ensure it
aligns with the goals of your research.

Ensure Feasibility: Assess the feasibility of your research problem. Consider factors like the
availability of resources, data, and the timeframe for your research. Ensure that you can realistically
address the problem within your constraints.

Refine and Clarify: Continuously refine and clarify your research problem. It may take several
iterations to achieve a well-defined and precise research problem that is suitable for your study.

Write a Problem Statement: Finally, summarize your research problem in a clear and concise problem
statement. This statement should briefly describe the research gap, the research question, and the
objectives or hypotheses.

Remember that the quality of your research largely depends on how well you define the problem. A
well-defined research problem sets the stage for the entire research process, from data collection to
analysis and interpretation. It ensures that your research remains focused, relevant, and valuable.

Types of Research

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 Based on Utility: Basic Research and Applied Research

Based on nature of data or method of research: Quantitative and Qualitative Research

Based on Research Design: Research can be exploratory, Descriptive, Causal and

Experimental